Let’s say you file for bankruptcy and get the benefit of the automatic stay. You’ve got a mortgage or a car loan so when you file for bankruptcy the lender can’t repossess or foreclose.
But you stop paying the car loan or mortgage. They need to take action (or so they say). How do they do [...]
Bankruptcy information for New York consumers. Published by Jay S. Fleischman, a New York bankruptcy lawyer helping consumers end their bill problems using Chapter 7 and Chapter 13 bankruptcy.
Tag Archive: 11 USC 362
Automatic Stay Relief – How And When Creditors Get It
How Long The Automatic Stay In Bankruptcy Lasts
The automatic stay is a powerful remedy that comes into effect as soon as your bankruptcy case is filed, but the stay doesn’t last forever. You need to realize that this shield against creditor action is not perfect, and will not work in your favor until the end of the world.
The automatic stay remains [...]
What Actions The Automatic Stay Does Not Cover
We now know what the automatic stay does, and what it covers. But if you review the list of what is covered by the automatic stay, you’ll notice that the list is not all-encompassing. That’s because not all actions are prevented.
So what actions are not covered by the automatic stay in bankruptcy? [...]
What Actions The Automatic Stay Covers
We’ve talked about the power of the automatic stay in bankruptcy, and how it halts actions against you and your property once you file for bankruptcy. Now it’s important to review the actions covered by the automatic stay.
So long as the automatic stay remains in place, the following actions are prohibited:
Beginning or continuing law [...]
Automatic Stay In Bankruptcy Explained
Filing for bankruptcy – any kind of bankruptcy whatsoever- immediately triggers an injunction against the continuance of any action by any creditor against the you or your property; this is called the automatic stay, and it is a critical element of your bankruptcy case. If you file for Chapter 13 bankruptcy, that injunction extends [...]
